City Council approves rate for residents under AVI

Yesterday, City Council approved a 1.34 percent property-tax rate under the Actual Value Initiative.

Today, City Council approved a 1.34 percent property-tax rate under the Actual Value Initiative. AVI, for short, is the new tax system that is based on true market value rather than a predefined percentage.

Council also approved the continuation of the Homestead Exemption, which reduces a home's taxable assessed value by $30,000.

Darrell Clarke, City Council president, also set fourth an amendment that would allow long-time homeowners in gentrified areas to receive tax relief under AVI.

"Longtime owner-occupants of principal residences throughout the City face the real threat of losing the financial ability to remain in their homes by virtue of the rising market values and consequent property tax assessments which are the hallmarks of a gentrifying neighborhood," according to the bill.